Accounting Standards Of An Economy - 2023 Words

INTRODUCTION Guidelines are needed in every sector of an economy, firm and even households to prevent and control unethical practices. Therefore, financial reporting is not LEFTOUT as standards of authentication are set; these accounting standards play vital roles in the direct and effective functioning of businesses and capital markets. They provide shareholders, other users and the general public of financial information with key elements of a company’s financial control and systems which have been reported and assessed on. Its key objective is to standardize general accounting practices globally, ensuring fair and accurate reporting of financial statements. The different sets of standards used in the accounting world depend on the business type or firm and its area of location. They include the Generally Accepted Accounting Principles (GAAP) which was developed by the Financial Accounting Standards Boards (FASB), the GAAP are used essentially by public traded and private companies in th e United States to watch over and protect the public’s interest. The items covered by the GAAP are revenue recognition, outstanding share measurements and classification of balance sheet items. The International Financial Reporting Standards (IRFS) developed by the International Accounting Standards Board (IASB), the IRFS are devised to eliminate disparities and to serve as a common accounting language in financial reporting documents for businesses operations that run through globally andShow MoreRelatedShould China Adopt International Accounting Standards?.1532 Words   |  7 PagesInternational Accounting Standards? The International Accounting Standards Board (IASB) issued and developed the new International Financial Reporting Standards (IFRS) as new international accounting standards after 2001. In 2006, the Chinese government issued a new set of Accounting Standards for Business Enterprises (ASBE) which are substantially consistent with IFRS. As mentioned in the scholarly article of Li and Sun (2011), there are some primary differences between Chinese accounting standards andRead MoreAccounting Theorist Economist Recommending1112 Words   |  5 PagesHI6026 Memo 01 –T02, 2015 Memo To: Mr Tu Dewey From: Mrs. Jaya Jawalkar (Student ID: DC2369) cc: Mr. Safayet Hossen Date: September 14, 2015 Re: Accounting Theorist Economist recommending to deregulate GPFR This memo is in response to Mr. Dewey’s concern regarding large businesses asking for discount in their audit fees many positivist accounting theorists and right-wing economists recommend that general purpose financial statements (GPFS) be deregulated because they think that market forcesRead MoreFinancial Management Coursework1694 Words   |  7 Pages Grade Awarded___________ For Office Use Only__________ Final Grade_________ Moderation required: yes/no Tutor______________________ Date _______________ Topic 4: Economic consequences of adoption of the International Financial Reporting Standards (IFRS) 000744245 Thi Hoai Ly Dinh 000745588 Phuong Thao Nguyen 000748773 Adjoba Houra Content Page Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.4 Mandatory IFRS adoption’s impact on analysts forecasts†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦5 Read MoreCurrent Financial Reporting Standards On The Workplace Essay1744 Words   |  7 PagesCurrent Financial Reporting Issues It is incontestable that international financial reporting standards (IFRS) are in vogue and global conformity theoretically on the doorstep as about 100 countries implement standard financial regulations. The idea that uniform reporting standards have the same effect on financial reporting undervalues the contested ability to be flexible in financial reporting and introduces another level of debate on the issue of flexibility and uniformity. Apart from the factRead MoreIntroduction To Australian Accounting Standards Board1043 Words   |  5 Pages Accounting Abstract Accounting has been playing a very important role in many places such as Australian accounting standards. Australian accounting standards is also developed by the Australian Accounting Standards Board (AASB). This essay will firstly discuss what AASB is, the role and the functions of AASB. And then, following this, the other projects’ role such as Financial Reporting Council (FRC) and International Accounting Standards Board (IASB) and the relationship between AASB, FRC andRead MoreInternational Convergence Of Accounting Standards1494 Words   |  6 Pagesconvergence of accounting standards has risen since the end of World War II, resulting to the revolution of financial reporting. â€Å"IFRS for example are accounting standards issued by the IASB, an independent organisation based in London, UK† (Ball, 2006). IASB is primarily established to promulgate IFRS and are responsible to set rules that can be equivalently implemented by public companies internationally. 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The idea that uniform reporting standards have the same effect on financial reporting undervalues the contested ability to be flexible in financial reporting and introduces another level of debate on the issue of flexibility and uniformity. Apart from the fact that the merits of flexibility areRead MoreGlobalization And Convergence Of Us.gaap Ifrs Standard As Prescribed By The Security And Exchange Commission ( Sec )1120 Words   |  5 Pages– IFRS Standard as prescribed by the Security and Exchange Commission (SEC) for users that set up financial statements in accordance with IFRS as issued by IASB. This followed would lead to a worldwide adoption of IFRS over the next few years. In his work, Barry (2009, p.26-27) states, â€Å"The advantage of a single set of financial reporting standards are manifest, particularly as internationalization of business activities became the norm. In particular, having uniform, high quality standards has beenRead MoreContribution Of Accountancy On Sustainable Development1485 Words   |  6 Pages FINANCIAL ACCOUNTING THEORY | BBAC502 Group Assignment â€Æ' Topic # 1 CONTRIBUTION OF ACCOUNTANCY IN SUSTAINABLE DEVELOPMENT â€Å"Bookkeepers will spare the world†, said Peter Bakker, the Chief Executive of of the World Business Council for Sustainable Development. The idea of sustainability includes working in a way that assesses an association s effects on the planet, its kin and what has to come. A developing number of bookkeeping scholastics have been looking